May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
China denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China's Huawei was lying about his company's ties to the...World Politicsread more
U.S. President Donald Trump on Thursday predicted a swift end to the ongoing trade war with China, although no high-level talks have been scheduled between the two countries.World Economyread more
President Donald Trump has threatened tariffs on another $300 billion worth of Chinese goods — but Chinese PC-maker Lenovo is prepared to shift its production if that happens,...Technologyread more
Indian Prime Minister Narendra Modi won a landslide re-election victory. That could see India taking a more assertive security stance.Asia Politicsread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread more
Chinese technology giant Huawei has enough inventory to sustain its smartphone and 5G networking equipment business for most of the rest of the year, according to brokerage...Technologyread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, amid solid consumer spending and a jump in soybean exports.
Gross domestic product increased at a 3.5 percent annual rate instead of the previously reported 3.2 percent pace, the Commerce Department said in its third GDP estimate on Thursday.
Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4 percent pace.
Output was also lifted by upward revisions to business investment in structures and intellectual property products, underscoring the economy's solid fundamentals, which contributed to the Federal Reserve raising interest rates last week.
Economists polled by Reuters had expected that third-quarter GDP growth would be revised up to a 3.3 percent rate.
When measured from the income side, the economy grew at a 4.8 percent pace, instead of the previously reported 5.2 percent clip. That was the fastest pace of increase in gross domestic income since the second quarter of 2014 and followed a 0.7 percent rate of increase in the second quarter.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 3.0 percent rate in the third quarter and not the 2.8 percent pace reported last month. That was still a slowdown from the second quarter's robust 4.3 percent pace.
Spending on nonresidential structures, which include oil and gas wells, increased at a 12.0 percent rate, the fastest pace since the first quarter of 2014. Nonresidential outlays were previously reported to have increased at a 10.1 percent pace.
The export growth estimate was revised a touch lower to a 10.0 percent rate from the previously reported 10.1 percent pace. It was the fastest pace since the fourth quarter of 2013. The spike in exports largely reflected a surge in soybean exports after a poor soy harvest in Argentina and Brazil.
Businesses accumulated inventories at a $7.1 billion rate in the last quarter, rather than the $7.6 billion pace reported last month.